KLP Kapitalforvaltning AS Acquires 8,800 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KLP Kapitalforvaltning AS lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 251,800 shares of the software maker's stock after buying an additional 8,800 shares during the period. KLP Kapitalforvaltning AS's holdings in Fortinet were worth $24,238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. SJS Investment Consulting Inc. increased its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the fourth quarter worth $27,000. ORG Partners LLC increased its position in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the first quarter worth $35,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Fortinet during the first quarter worth $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTNT. Rosenblatt Securities restated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday, June 17th. UBS Group dropped their target price on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Stephens began coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Royal Bank Of Canada decreased their price target on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Finally, Barclays set a $110.00 target price on Fortinet and gave the company an "equal weight" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $106.48.

Fortinet Stock Up 0.2%

FTNT traded up $0.26 on Friday, hitting $105.03. The company had a trading volume of 1,076,680 shares, compared to its average volume of 4,769,101. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a fifty day simple moving average of $103.47 and a 200-day simple moving average of $101.51. The firm has a market capitalization of $80.39 billion, a P/E ratio of 43.22, a P/E/G ratio of 3.62 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $0.43 earnings per share. The business's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.